[Funding alert] Zomentum raises $13M in Series A round
Zomentum is an IT sales acceleration platform that helps IT channel partners and enables SMBs to leverage the best of the breed IT solutions.
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Zomentum, a San Francisco-headquartered SaaS startup with its R&D centre in Bengaluru, has raised
$13 million in Series A round from Elevation Capital, Accel, and Greenoaks Capital. The round also saw participation from Eight Roads Ventures.
Zomentum is an IT sales acceleration platform that helps IT channel partners and enables SMBs to leverage the best of the breed IT solutions. Founded in 2018, this startup last raised funding in July 2020 in a seed round of $4.1 million.
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“We have grown upwards of 30% month-on-month since the last funding round,” said Shruti Ghatge, co-founder and CEO at Zomentum. “This is the primary reason why the funding has happened, because growth has been good and sales have largely been pull driven.”
She added that the platform is already driving more than $100 million worth of IT transactions. While a large majority of Zomentum’s customers are largely in the US, it said that it is seeing growing traction from markets such as the UK, parts of Europe, Australia and New Zealand.
One of the main areas of spending in the coming months for San Francisco- and Bengaluru-based Zomentum will be to build out its current product, launch adjacent product lines and expand into new geographies, which will largely be spending on setting up go-to-market teams in those regions.
Every time they need to buy a point-of-sale machine, a printer, new computers, or assign business emails to employees, they reach out to a trusted IT advisor, who then works with vendor partners to secure products and services that the business needs. For even giants like Microsoft, it's the reseller partners who drive much of their sales.
Most small businesses, which form the backbone of an economy, today don’t have the resources to handle their IT needs. Take restaurants, for example. They have likely outsourced this job to contract IT professionals to reduce expenses. Every time they need to buy a point-of-sale machine, a printer, new computers, or assign business emails to […]